Marcus & Millichap successfully arranged the sale of a prime fourteen-unit apartment property located in the highly sought-after Echo Park submarket of Los Angeles. The property, situated at 319 N Westlake Ave, sold for an impressive $3.45 million, with each unit fetching an average price of $246,429 and a per square foot cost of $210.35.
According to Jason Tuvia, senior managing director at Marcus & Millichap’s Encino office: “In light of the current high rate environment challenges faced by developers in this market cycle, many are considering selling partially complete projects instead of waiting to complete them.” This was evident in the recent sale transaction for 319 North Westlake Avenue in South Echo Park.
Tuvia expertly managed and oversaw all aspects related to the successful sale on behalf of our esteemed client. The property was delivered completely vacant and attracted significant interest from potential buyers – generating over 75 tours and nearly twelve offers.
This multifamily gem located within Echo Park has been snapped up midway through construction – showcasing its immense potential as well as highlighting Marcus & Millichap’s expertise in facilitating such complex transactions without any hiccups or delays.
